Entrepreneurs often face several challenges in getting their businesses off the ground because of high legal fees associated with making sure they meet legal formation requirements. Because of this financial burden, they may go without the legal and governance structure required to ensure the long-term success of their businesses.
Secretary Miller created the Digital OA, free software that allows limited-liability companies to exist entirely in digital form with basic legal protections and governance. Entrepreneurs who have never met but want to collaborate on something as simple as an iPhone app can meet via chat room, agree to terms on how to set up their business, form that entity online, and run the company without having met – all through the Digital OA. The program was designed to promote entrepreneurial growth, and allow entrepreneurs to focus their time and other resources on their core business. Digital OA is not simply a start-up resource providing formation structure, as it also serves as a common operational hub through which the company’s ongoing legally mandated meetings, decision making, and recording of events can be conducted.